And what's really dangerous is there's no end in sight for all the money printing, Fed Chairman Ben Bernanke is hell bent on pumping as much cash as he can into this economy, With the FOMC announcement and Bernanke speaking to confirm the news the Dollar fell below 79, down from 84- That's a 6% loss in the purchasing power of our dollar. It would be similar to taking everything you've ever worked for in your life, all your savings and retirement and after one announcement devaluing them by 6%! Yes it is crazy, and If we are going to survive as a country this has to be stopped folks!
Moving on, the EUR continued upward with a strong push close to 150 pips from its opening on the day. As our next strongest mover was our inverse correlated pair USD/CHF that fell 110 pips for the day, making it a nicely traded currency after breaking the 0.9333 major support level and making its way down. I hope you took that trade as it was a great trade to finish the week out strong.
Have a great weekend everyone!
-david
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